A person-centered approach was applied to identify the motivational orientation profiles in a representative sample of 1,533 higher education students in Finland at different stages of their studies. We also explored the extent to which study engagement, burnout, and academic achievement served as indicators of a student’s identification with a particular motivational orientation profile at the individual level. Three groups of students with distinctive motivational orientation profiles—study-oriented, moderately-oriented, and avoidance-oriented—were identified using latent profile analysis. The results showed that increased study engagement and academic achievement, in terms of study credits, were associated with belonging to the study-oriented group. Students showing increased study burnout were associated with the avoidance-oriented group. The moderately-oriented students reported average levels of motivation relative to the two other groups. The study also considered the importance of assessing motivational orientation, study well-being, and academic achievement across different stages of study, seeing this as potentially beneficial to academic careers.